Record Labels/Studios
With the advent of Music NFTs, record labels must innovate or go the way of the dinosaurs. Music NFTs are revolutionizing the music industry, and now is the best time for record labels to get their foot in the door.
As a record label executive, you may be wondering what’s the hype about this new technology and why does it matter? Well, Music-based NFTs are the new frontier in the music industry, and record labels can’t afford to be left behind.
Music NFT is a new technology that allows artists, musicians, beat makers, producers, and DJs to get their music and work to their fans without intermediaries. It has the potential to cut out the role of record labels, and that’s why record labels need to embrace this technology and benefit from it before it becomes the end of them.
Why Record Labels need to own a Music NFT Marketplace
As a record label, if you only distribute music in traditional ways, then you are invariably losing your fanbase and market share. You can’t keep doing things like you used to because if you don’t innovate your distribution channels, you will be left behind in the new digital world of Web3.
Also, to target younger generations like Gen Zs and Gen Alphas, record labels must embrace Music NFTs as a form of music distribution because most of these younger generations don’t consume music in the traditional ways that most record labels currently operate.
That’s why record labels need to get involved with music NFTs to continue being relevant to artists and their fans. As a record label, you don’t want your artists to get started with NFTs without your help. You want to be the springboard they use to jump into the NFT space.
That is why owning a marketplace for artists will come as an added pull for record labels that get started in the Music NFT space early. They will have the first-mover advantage, which will allow them to sign the best upcoming artists, musicians, beat makers, and DJs to their record label before their competitors catch on to this remarkable opportunity.
It would interest you to know that in early 2022, Snoop Dogg bought Death Row Records with plans of turning it into one of the first NFT record labels that would allow fans to buy and sell Music NFTs of their favorite artists on Death Row records.
Every record label that hopes to survive the coming years must get actively involved with Music NFTs.
The success of record labels in the future will depend on how they use Music NFTs to engage with fans because the dynamics between artists and their fans have changed. Fans are no longer contented consuming the music of their favorite artists. They want much more than that. They want exclusive communication, immersive experiences, unlockable content directly from artists, and much more.
That’s why record labels that foster this relationship will come up on top. Those that build the platform where artists can directly connect with their superfans will survive, while others fall by the wayside.
Music NFTs will change how fans interact with music, artists, and other aspects of our lives, such as in-game integrations, royalty-sharing benefits, etc. Most importantly, record labels must be willing to create an ecosystem where fans can have creative input into the songs created by their favorite artists and also share in the future profit.
How Record Labels can get Started with Music NFTs
Thomas Pipolo, an artist and the founder of Cotton Candy Records, who recently sold over $20,000 worth of his music in a matter of hours as NFTs, believes that in the coming years, record labels that make the transition into the Music NFT space will play a major role in flipping the music industry on its head and make massive profits in the process.
In the music industry, stagnation will see you left behind and out of the game, which is why as a record label, you don’t want to be the last to get started in the Music NFT space because other record labels are already getting into the NFT space. In August 2021, Sony forayed into the NFT space and became an active player. With the resources at the disposal of record labels, it would be easier for them to create an NFT marketplace for their artists.
The only thing record labels need to build an NFT marketplace for artists is to use the Xircus protocol. Our protocol comes bundled with everything a record label needs to create a fully immersive NFT marketplace for their artists.
We are not just an NFT marketplace but a protocol where record labels can build and own their token economics. With Xircus, record labels can become Ringmasters that create the marketplaces where artists sell their Music NFTs. We built a protocol that enables record labels to deploy a fully powered NFT marketplace bundled with awesome features in minutes where artists can mint NFTs, put them up for sale, do giveaways, gamified access, incentives, marketing, and auction in minutes.
In a few easy steps, record labels can create and launch a branded NFT marketplace absolutely free of cost using our powerful, unique, and automated tool. We’ve provided everything they need to take full control and become the gateway into the NFT Space: They can now build NFT marketplaces that are deployed, owned, and governed by them on multiple chains such as Ethereum, BSC, Polygon, Fantom, Moonbeam, Moonriver, Avalanche, Celo, Optimism, and many more.